BMW raised its profit forecast for 2010
July 14, 2010
The German automaker BMW has raised its profit forecast Tuesday and sales volume for 2010, highlighting the better than expected results from its automotive business.
In exchange, the share gained 7.4% to 41.80 euros at midday, while that of its competitor Daimler clinching 4.6% 0 43.47 euros.
Profit before tax in 2010, says BMW, "to grow more strongly than expected" while the sales volume should increase by about 10% to over 1.4 million vehicles.
The operating margin above 5% in the automotive business base, while the BMW originally thought nearer 1% than 5%.
"BMW has finally raise its forecasts.This shows that what is happening in the automotive sector is not only a rebound short term but a long-term trend, "said BHF Bank analyst Alexsej Wunrau
The Mercedes-Benz branch of Daimler, which has experienced record sales for the month of June, had raised its profit forecast in April and then increase this optimistic view in May
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